Filed at Parliament the draft law sanctioning its concession contract Attica Street for 25 years, for a fee of 3,270,000,000 euros, an amount that is the highest in the history of TAIPED.

The contract includes specific provisions in favor of drivers – users of the Attica road, to ensure maintenance and to deal with emergencies.

As the Government has already announced, the financial consideration of 3.27 billion euros will be allocated to the reduction of the public debt, which is reduced by almost 1.5 units of GDP by this transaction alone.

The Minister of National Economy and Finance Kostis Hatzidakis stated: “The Attica Road concession contract is the largest of the 9 total privatizations completed by the Ministry of National Economy and Finance in the last year. Privatizations that give impetus to the economy, investments, employment. Attiki Odos is a critical project for the daily life of millions of residents and visitors of the capital. The contract submitted to the Parliament ensures the further upgrading of the highway and the significant reduction of the public debt. It is a positive development for the residents of the capital, the State and the national economy.”

The Minister of Infrastructure and Transport Christos Staikourassaid: “With the new contract, the transition to the new concession regime is carried out smoothly and ensures the smooth operation of the highway, which is an integral part of the traffic system in the Attica basin, with a high level of road safety. At the same time, it is confirmed that also in Greece, the cooperation of the public and private sectors can be transparent and beneficial for both parties. It is possible, that is, to cover the public interest, through direct financing, operation and maintenance, while the private sector undertakes the exploitation of the road axis. A partnership, with which the country grows economically, develops sustainably and is strengthened in all respects”.

The contract provides that the Concessionaire (NEA ATTICA ROAD CONCESSION M.A.E. and GEK TERNA S.A.) will undertake for 25 years the financing, operation, maintenance and exploitation of the Attica Road. In addition to the one-off financial consideration, in the amount of 3.27 billion euros, it will annually pay to TAIPED a rate of 7.5% on all kinds of revenue from the operation of the highway, while during the concession it will implement investments and upgrade and modernization costs of 380 million euros.

The contract also provides for a reduction of tolls from 2.8 to 2.5 euros from October 6, the day the highway will be handed over from the Greek State to the Concessionaire. The reduction concerns the following categories of vehicles: passenger cars (I.X), light commercial vehicles and cars with caravans.

Provisions are also included to ensure adequate maintenance, the orderly operation of the road axis and the protection of the public interest. The Concessionaire will be evaluated every two years but also individually on key performance indicators (KPIs). In the event of failure to achieve the objectives, monetary penalties and other sanctions will be imposed depending on the shortfall in the expected performance.

The bill will be submitted to the parliamentary Committee on Production and Trade next Monday.